30 Year Fixed Rate Mortgage at 4 Month Low!
October 3rd, 2009 categories: Sacramento Mortgage Information
The First Time Home Buyer Tax Credit Ends in 57 Days!
According the FreddieMac.com, the average interest rate for a fixed rate 30 year mortgage was 4.94% this week, down from 5.04% last week.
In the West, the average rate surveyed as actually lower than the national average at 4.92% for the same product.
These are just great rates on a mortgage and being that it’s the average rate, you can probably get a mortgage with an interest rate even lower than this.
Last year at this time the interest rate for the same mortgage was 6.10%.
For a $250,000 mortgage, that’s a savings of over $145 a month since the same time last year and with values in that price point still declining in some areas, your money is buying more house!
Frank Nothaft, Freddie Mac VP and Chief Economist said this week:
1) Low rates are stabilizing home sales.
2) New home sales rose in August to the highest annualized pace since September of 2008 while inventory of unsold new homes fell to it’s lowest level since February of 1983. (wow!)
3) Although sales of existing homes fell in August, it was still the strongest showing in 23 months.
4) Home prices increased for the second month in a row in July in 17 metro areas of the nation.
Our Local Lending Resources
Pat Murphy, Guild Mortgage, 916-669-1900, pmurphy@guildmortgage.com
“Rates have remained at 4.875% since last Friday! With interest rates expected to jump by 3/4% at the end of November, NOW is the time to jump off that fence!
Remember, it takes 15 to 30 days to close a loan, so don’t leave your decision to the last minute!
Call today at 916-212-9451 or email me, pmurhpy@guildmortgage.com”
Stephen Hart, Masters Team Mortgage, 916-719-4295, stephenhart@helloworld.com
“First Time Home Buyers (FTHB) need to move now, the tax credit expires November 30, 2009!
This means you must close escrow (have keys in your hands) no later than this date. Buyers need to be in contract no later than 10-15-09 to allow enough time to process and close their loans.
Remember, everyone is scrambling to get their share of this free money. At this point rumors are just rumors regarding an extension. We did not have a tax credit for 3 months after the previous program expired and we do not have any guaranty another credit is forthcoming.
Definition of a First Time Home Buyer
1) a person who as never owned a home before, seriously!
2) this one is great – a person who has not claimed a mortgage interest deduction on their taxes for the most recent 3 consecutive tax years.
It is now go time, free money and no repayment required!
Mortgage interest rates also had an improvement this morning. Conventional 30 year fixed in the mid 4’s and jumbo loans are in the low 5’s.
The indicators for mortgage rates are pushing heavily on key levels of support and we may see reversals of these improvements at any time.
If you have any mortgage questions, feel free to call me at 916-719-4295 or send me an email at: StephenHart@helloworld.com. Make it an amazing day!”
You said a mouthful, Steve! All good info.
If you have any questions, please feel free to contact me.
Thanks for visiting!
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Interest Rates Post New Low
April 6th, 2009 categories: Local Real Estate Info, Market Commentary, Rocklin, Sacramento Foreclosure Statistics, Sacramento Mortgage Information
If You Can Buy a Home, You Should
Freddie Mac interest rates continue to set new records, it seems, every week. For the fourth time this year, interest rates have reached a new low, 4.78% for the 30 year, fixed rate mortgage average on April 2. The average just a week earlier was 4.85% and that was a record of it’s own.
Pending Sales Increase
As a result of the lower rates, pending sales have increased 2.1% in February nationwide. With interest rates being this low, it’s hard to believe that this number wasn’t higher.
With the inventory of homes shrinking in the Sacramento real estate market, if you’re considering a purchase this year, be aggressive. The percentage of all cash investors is increasing, I’m seeing it in my business as well as in the businesses of others. I’m getting more calls every week from people wanting to invest in the Sacramento market.
Thinking of buying or selling? Give us a call, maybe we can help.
Thanks for visiting.
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The 60 Day Escrow – If You’re Lucky
March 11th, 2009 categories: Local Real Estate Info, Market Commentary, Sacramento Mortgage Information
I recently had a transaction that I was working cancel due to, well, many things but the seller’s primary contention was that the buyer had not acted in good faith in obtaining the loan. While there were many factors that contributed to the delay that were wholly the responsibility of the seller, it points to the fact that today’s mortgage industry is in a bit of a shambles.
Buyers who are submitting financed offers are not getting the attention from the banks unless they are the only offer submitted. I’ve been working with two financed buyers since October of 2008 and getting them in escrow has been a challenge. With my most recent experience with a financed transaction, I understand why.
“Interest Rates Still at All Time Lows”
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